The Federal Reserve kept interest rates unchanged on Wednesday for a third consecutive meeting, hoping that a slowing economy will dampen a worrisome rise in inflation, the Associated Press reports.
The Fed left its federal funds rate at 5.25 percent. It has been at that level since late June when the central bank raised rates for a 17th consecutive time in a two-year effort to combat rising inflation.
The decision to keep the funds rate unchanged means that the prime lending rate, the benchmark for millions of consumer and business loans, will remain at 8.25 percent.
